2009 Bank Failures

[Show-me]

Just one this week.

Commerce Bank of Southwest Florida, Fort Myers, FL with approximately $79.7 million in assets and approximately $76.7 million in deposits was closed. Central Bank, Stillwater, MN has agreed to assume all deposits, excluding certain brokered deposits. (PR-211-2009)

 

[Show-me]

Must have a shortage of auditors.

 

[James48843]

Either that, or they were all on vacation last week. That "use or lose" time is approaching ya know, and not many have been able to take time off earlier this year, with everything falling apart.....

Thanks for posting FAILURE FRIDAY data this week. Only one. Not bad. I bet even with the holiday next week, we still get hit with a few. We'll see.

 

[nnuut]

YEAH, I have 197.5 hours Use or Lose, but won't be taking but 10 hours during the rest of the year. That will give me 427.5 to cash in for retirement!!! MAD MONEY!!!

 

[PessOptimist]

A guy at work a few years ago took all his leave before he retired cause he said earning leave while on leave made more money in the end. He worked it all out with HR.

 

[PessOptimist]

Another one of the guys that was there when I got hired retires tonight at midnight. He's younger than me too. He said the same thing about getting out of bed come Monday.

Nothing personal but at this moment, I hate both him and you for that fact alone. Think of me at 0430 MST monday.

I apologize for the thread hijack.

PO

 

[James48843]

More coming out this morning ---Maybe this is why they are slowing down on the bank closings- maybe it has to do with not being able to close them faster....


The FDIC Is $8.2 Billion in the Hole

Posted Nov 24, 2009 12:26pm EST
by John Carney, The Business Insider

The FDIC fund that insures bank deposits is $8.2 billion in the hole.

The Federal Deposit Insurance Corp. released its latest set of grim banking data moments ago. The FDIC had to set aside $21.7 billion for expected losses on future bank failures as the total number of "problem" banks rose to 552 from 416.

There were glimmers of hope. While bad loans continue to beat up bank balance sheets, revenues are returning to the banking sector. Overall, the banking sector was profitable after a $4.3 billion loss in the second quarter and saw just $879 million in earnings last year.

More: http://finance.yahoo.com/techticker/article/378730/The-FDIC-Is-$8.2-Billion-in-the-Hole

 

[James48843]

Well, it's FRIDAY again.

FAILURE Friday-

What are your bets on the number of banks seized by FDIC today?

I'm thinking it will only be 3, because of the shortened holiday week. I think we'll get some tonight, but maybe not a lot- due to Thanksgiving.

Nothing yet on the FDIC web page. We'll have to wait and see....

 

[alevin]

James, considering FDIC is broker'n broke, only way I see bank takeovers, is if FDIC has managed to line up other banks to do the takeovering. The candidates to do the takeovering are getting fewer and farther between with each takeover. Which is why I think we've mostly seen small banks taken over in recent months and limited or no takeovers some Fridays.

 

[James48843]

Agreed.

By the way- no bank failures this past Friday, and the FDIC website has nothing today. Must be the FDIC is simply out of bucks. Or nobody home last week. Lord knows the banks aren't any healthier than the week before....

I'll take it.

 

[tsptalk]

I vote for nobody home. Too many Fed employees off to tear down a bank.

 

[Show-me]

WSJ had a great article in yesterdays issue page C-1. FDIC is between a rock and a hard place, nobody wants the banks they need to tear down even if the FDIC assumes the bad paper.

How pitifully is that? The FDIC can't give these banks away!

The other good banks are investing their money into something more stable, like the medical field. LOL Hello health care reform.

 

[James48843]

Maybe I can ask TARP to give me the money to buy one of those small banks- if FDIC will keep all the bad debt.

Buddy, can you spare $50 million for me to make it the James Bank?

 

[grandma]

Buddy, can you spare $50 million for me to make it the James Bank?

Sure, why not - you seem like a cool upright fellow! Just give me a few minutes - gotta run up the hill to Walmart for a new color cartridge, I'll have printer turned on warming up...so - wait around, we'll get'er done!

Funning aside - Sunday's local paper had an arrest article about three 18 & 19 year old boys - printing money on their computer at home! Arresting officers say it was of good quality - bank teller caught it...!

 

[mick504]

Yeah...it's all in the type of paper used.....! Hard stuff to get! No, I'm not looking for any either.

 

[tsptalk]

Funning aside - Sunday's local paper had an arrest article about three 18 & 19 year old boys - printing money on their computer at home! Arresting officers say it was of good quality - bank teller caught it...!

McDonald's would not accept my $100 bill the other day. They are all nervous about funny money. It's funny, because I think a Big Mac, fry and a Coke is about $90 these days.

 

[James48843]

...Sunday's local paper had an arrest article about three 18 & 19 year old boys - printing money on their computer at home! Arresting officers say it was of good quality - bank teller caught it...!

Darn kids today have it SOooooo easy.

When I was a teen, it took me WEEEKS to hand carve a good set of plates, and just the right color of ink.

 

[phil]

At least, in this time of economic uncertainty, someone is making money.

 

[Show-me]

WASHINGTON (AP) -- Regulators on Friday shut down Ohio's AmTrust Bank, the fourth-largest bank to fail this year. They also closed five others, bringing to 130 the number of U.S. banks to be brought down so far in 2009 by recession and mountains of bad debt.

http://finance.yahoo.com/news/Regul...html?x=0&sec=topStories&pos=main&asset=&ccode=

 

[Show-me]

Bank Failure Tally Tops 133 in 2009

By editor|Dec 12, 2009, 2:48 AM|Author's Website



Three banks failed Friday night, bringing the 2009 national tally to 133 and taking a quarter of a billion dollars bit out of the FDIC’s DIF. Regulators closed Republic Federal Bank in Miami, Fla., Valley Capital Bank in Mesa, Arizona, and SolutionsBank in Overland Park, Kansas.

• 1st United Bank of Boca Raton, Fla. will assume all of the deposits of Republic Federal Bank, N.A., according to the FDIC. The four branches of Republic Federal Bank, N.A. will reopen on Monday as branches of 1st United Bank.

As of September 30, 2009, Republic Federal Bank, N.A. had total assets of $433.0 million and total deposits of approximately $352.7 million.
1st United Bank agreed to pay the FDIC a premium of 1.2% to assume all of the deposits of Republic Federal Bank. In addition to assuming all of the deposits of the failed bank, 1st United Bank agreed to purchase $267.1 million of the failed bank’s assets.
The failure is expected to cost the FDIC deposit insurance fund an estimated $122.6 million.


Republic Federal Bank, N.A. is the 131st bank to fail in the nation this year, and the 13th in Florida. The last FDIC-insured institution closed in the state was Commerce Bank of Southwest Florida, Fort Myers, on November 20, 2009.

• Enterprise Bank & Trust of Clayton, Missouri, will assume all of the deposits of Valley Capital Bank, National Association of Mesa, Arizona, according to the FDIC. Valley Capital Bank’s sole branch will reopen on Monday as a branch of Enterprise Bank.

As of September 30, 2009, Valley Capital Bank had total assets of $40.3 million and total deposits of approximately $41.3 million.
Enterprise Bank paid the FDIC a 2% premium for the right to assume all of the deposits of Valley Capital Bank.
The failure is expected to cost the FDIC deposit insurance fund an estimated $7.4 million.


Valley Capital Bank is the 132nd bank to fail in the nation this year, and the forth in Arizona. The last FDIC-insured institution closed in the state was Bank USA, National Association, Phoenix, on October 30, 2009.

• Arvest Bank of Fayetteville, Arkansas, will assume all of the deposits of SolutionsBank of Overland Park, Kansas, according to the FDIC. The six branches of SolutionsBank will reopen on Saturday as branches of Arvest Bank.

As of September 30, 2009, SolutionsBank had total assets of $511.1 million and total deposits of approximately $421.3 million.
The failure is expected to cost the FDIC deposit insurance fund an estimated $122.1 million.
SolutionsBank is the 133rd bank to fail in the nation this year, and the third in Kansas. The last FDIC-insured institution closed in the state was First National Bank of Anthony, Anthony, on June 19, 2009.

http://wallstreetpit.com/12852-bank-failure-tally-tops-133-in-2009